Serbian government awards EUR 23.5 million in subsidies to Chinese company

Chinese auto parts manufacturer Minth Automotive Europe, based in the town of Loznica, received a subsidy from Serbia of as much as 23.5 million euros to expand its production in Serbia.

The company operates under China’s Minth Group and the subsidy is awarded for the second phase in the construction of a car parts production facility in Loznica.

Three years ago, Minth Automotive submitted an application to the Serbian Development Agency for incentives to attract direct investments, and the funds were approved on March 22 this year, said Nova Ekonomija.

Under the contract signed with the Ministry of Economy, the company committed to employing, full-time, at least 700 new workers by end of 2024, and investing, in this same period, at least 183.6 million euros in tangible and intangible assets.

The company is obliged to pay salaries at least 20 percent higher than the minimum wage in Serbia.

Funds for implementing the second phase of the factory construction project will be paid out to the company in 2025 and in 2026 in dinars.

(Nova Ekonomija, 22.05.2024)


This post is also available in: Italiano

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